Toubani Resources Inc. [TRE-TSXV], formerly African Gold Group Inc., provided an update on the auger drilling campaign on the Kobada Est permit area of its Kobada Gold Project located in southwestern Mali, Africa. The company owns a 90% interest in the Kobada gold project with the Government of Mali retaining a 10% carried interest.
The update is based on the auger drilling completed to date, which commenced on April 7, 2022 and is still ongoing. Additional exploration activities are also planned for the Faraba permit area once this initial auger drilling at Kobada Est has been completed.
Highlights include significant gold intersections above 0.3 g/t in Target E: 20.69 g/t gold over 8.0 metres from 2.0 metres to 10.0 metres (Drill hole E-423), including 78.9 g/t gold over 2.0 metres, including 3.14 g/t gold over 2.0 metres. Drill hole E-412 returned 1.81 g/t gold over 8.0 metres from 10.0 metres to 18.0 metres, including 3.94 g/t gold over 2.0 metres.
Drill hole E-417 returned 2.42 g/t gold over 2.0 metres from 0.0 metres to 2.0 metres; 720 metres by 150 metres, 0.5 g/t gold anomaly on Target E; Target E potential for extension and widening to the north.
Danny Callow, President and CEO, stated: “Our auger drilling campaign is the next step of regional exploration to meet conditions on our two exploration permits (Kobada Est and Faraba). The wide spaced drilling programme was designed to identify trends above the background gold grade which then warrants further follow up with targeted drilling. We are very pleased with the results from the initial drilling, particularly in Target E where substantial high-grade intersections occurred. We have targeted additional drilling along strike in this area. These results are extremely encouraging and show the future upside exploration potential of our sizeable land package. It should be noted that this drilling is in an area previously untested, and therefore identifies further upside from what has been reported before. Our success with the drill bit, that has seen a 40% increase in overall resource, and 140% increase in reserves shows that the Kobada and adjacent concessions are highly prospective and require further exploration to further increase resources and ultimately reserves.”
The 2022 Kobada Est auger drilling campaign commenced on April 7 and has completed 6,878 metres of drilling to date. The focus of the auger drilling campaign was on previously identified target areas, based on the termite soil geochemical sampling and geophysical interpretations, in the larger Kobada Est permit.
Auger Drillhole Results: Targets A to F were testing the Kobada Est Shear for mineralization while targets M, H, Q and L were testing soil geochemical anomalies and possible side shears. The strongest results are associated with the central portion of the shear with the southern and northern extents indicating auger geochemical anomalies above 40 ppb (green shaded polygons) with evidence of vein quartz (orange shaded polygons) being identified in the samples.
Target E, the central portion of the Kobada Est Shear, is showing the best potential for elevated mineralization with Target Q also returned some promising results. At Target B, hole B-313 returned 2 metres of 0.44 g/t gold. At Target E, E-423 returned 2 metres of 0.32 g/t gold, 2 metres of 78.90 g/t gold, 2 metres of 3.14 g/t gold, 2 metres of 0.39 g/t gold, 2 metres of 3.94 g/t gold, 2 metres of 1.86 g/t gold, 2 metres of 1.11 g/t gold, 0.34 g/t gold and2 metres of 2.42 g/t gold.
At Target M, M-677 returned 2 metres of 1.62 g/t gold, 2 metres of 0.65 g/t gold and 2 metres of 0.46 g/t gold. At Target L, L665 returned 2 metres of 10.10 g/t gold.
Toubani Resource’s principal asset is the Kobada Project in southern Mali, which is in an advanced stage of development having completed the 2021 definitive feasibility study and is targeting gold production of 100,000 oz per annum. As well as the initial Kobada Gold Project, other exploration locations have been identified on the Kobada, Farada and Kobada Est concessions, offering the potential for an increase in resource.